AugustCole

The Amex Airline Index ($XAL) lost 2.9 percent for a second session of declines. Crude oil futures rose above $33 a barrel to the highest level since March, ahead of the U.S.-led invasion of Iraq. See full story. Airlines traditionally hedge against rising oil prices.

Deutsche Bank's airline stock analyst wrote in a morning note that the sector should do well next year as demand improves with the economy, year over year comparisons get easier and capacity for the largest U.S. airlines will be down next year. "Airline stocks, have for the most part, historically performed best between the months of January to May," wrote Deutsche Bank analyst Susan Donofrio.

United Airlines
UALAQ
is unveiling its low-fare service, called Ted, on Tuesday. Ted will fly out of Denver next year, home to Frontier Airlines
FRNT, +0.00%
United shares rose 3.2 percent to $1.46 in bulletin-board trading. See full story.

For the cargo industry, the Transportation Security Administration said it is raising security for U.S. and foreign cargo operators by having them conduct random searches of their own shipments. TSA will also use look more closely at the potential risk associated with cargo and company personnel.

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